With the acquisition of CRC, Bezier Group is expected to form a £130m network. Legal completion of the sale will take place next week.

Chairman of Media Square’s design division David Worthington confirms the sale is in progress but declines to comment further at this stage in the proceedings.

The announcement follows reports in Design Week last week that Media Square’s share price dropped by 14 per cent at the news that restructuring would hit profits.

Media Square’s chief executive Roger Parry previously dismissed reports that it is planning to dispose of sections of its design arm, which includes Holmes & Marchant, Symmetry and Fourninety and Lloyd Northover.